旁价去泡沫化路径探讨

增长模式和土地制度导致货币超发，中国房价超过居民的购买力，出现泡沫化。长期看，受经济既有发展模式、环境和人口因素的制约，无法维持经济的高速增长和居民收入的倍增，高房价无法维持。短期对供给和需求的干预，会抑制房价上升的速度。现在仍存在着阻止房价去泡沫化的因素，最终问题的解决需要我们从制度上进行改革。

Research on Path of Eliminating Housing Price Bubble

The growing mode and land system lead to over issuing of currency, which made house price exceeding residents＇ purchasing power, and thus housing bubble appears. In the long term, economy is constrained by the present economic developing model, environment and demographic factors. The rapid economic growth is hard to maintain. Price of house cannot be maintained high either. In the short term, interventions on the supply and demand could suppress the rising speed of housing price to some extent. At present, factors that prevent housing price going down still exist. The ultimate solution to this problem is to carry on an institutional reform.